Indian Smartphone Market Registers Record Revenue Growth
According to Counterpoint Research report primarily based on knowledge from Counterpoint’s Monthly India Smartphone Tracker, the wholesale smartphone market income in India grew 9 % YoY in 2024, reaching an all-time excessive. A complete of 153 million smartphone items had been shipped within the 12 months, seeing a comparatively steady 1 % YoY enhance over 2023.
The 12 months noticed early development, “regular stock ranges and a beneficial market outlook,” as per the report however momentum slowed later within the 12 months because of “softened client demand and macroeconomic pressures.” A robust “premiumisation development” reportedly contributed to the report income ranges.
The premium smartphone section, which incorporates smartphones priced above Rs. 30,000, skilled double-digit share cargo development in 2024, whereas the entry-level section, with handsets beneath Rs. 10,000, noticed a one-third decline, largely because of the affect of inflation, in response to the report.
The report additional added that Vivo led the Indian smartphone market in quantity for the primary time, recording a 16 % YoY development. Another Chinese OEM, Xiaomi, secured the second spot and registered a 6 % YoY enhance in shipments. Meanwhile, Samsung slipped to 3rd place although its premium units continued to carry out properly. This is a results of its “value-driven methods” which impacted shipments of handsets in cheaper price segments, the report added.
Oppo ended up in fourth with a ten % YoY decline in shipments within the nation however the model regained momentum later within the 12 months with new product launches. Apple ranked among the many high 5 manufacturers in India in This autumn, with the iPhone 15 being the highest-shipped smartphone.
Notably, Nothing was the fastest-growing model, reaching a 577 % YoY development led by its Phone 2a collection shipments. The report additionally talked about Motorola, the model that managed to double its 2022 shipments with an 82 % YoY enhance.
Meanwhile, Realme strengthened its offline presence, with offline gross sales contributing 52 % to its complete shipments, up from 49 % in 2023. In the characteristic cellphone market, Itel led with a 32 % share with the assistance of its sturdy distribution community in tier-2 and smaller cities.
Among the market tendencies famous within the report is that in 2024, 5G smartphones accounted for 78 % of complete shipments, with three out of 4 smartphones shipped being 5G-supported handsets. This was majorly pushed by the rising availability of 5G chipsets in entry-level units. Coming to chipsets, MediaTek led the market with a 52 % share as Qualcomm adopted at 25 %.
The demand for premium smartphones continued to rise, with high-end units making up 20 % of complete shipments, the report claimed. This development was because of developments in GenAI options, improved audio-visual applied sciences, and an rising concentrate on content material consumption and creation.
In This autumn 2024, smartphone shipments declined by 4 % YoY. This drop was because of a slowdown after the festive season. However, market worth grew by 5 % through the quarter. The rise in premium machine demand helped drive this development, in response to the report.